role of an entrepreneur

Question 1

define business

Answer 1

an organisation that exists to provide goods and services on a commercial basis to customers

Question 2

define entrepreneur

Answer 2

is a person who spots an opportunity and shows initiative and a willingness to take risks in order to benefit from the potential rewards

Question 3

list the order of creating and setting up a business

Answer 3

generate an idea
ask if the idea can add value
conduct market research
drawing up a business plan
deciding on a legal structure
raising finance

Question 4

define intrapreneurship

Answer 4

innovation within a business taking risks in an effort to solve a given problem

Question 5

list benefits of intrapreneurship

Answer 5

helps drive innovation in business
offer solutions to problems

Question 6

list personal barriers to entrepreneurship

Answer 6

lack of self esteem
risk averse
fear of failure
lack of technical skills

Question 7

list economic barriers to entrepreneurship

Answer 7

taxation
market entry regulation

Question 8

list financial barriers to entrepreneurship

Answer 8

lack of start up capital
lack of cheap labour
lack of investments

Question 9

list political barriers to entrepreneurship

Answer 9

unstable political landscape

Question 10

give 2 risks of entrepreneurship

Answer 10

loss of job security
may not acquire finance needed to start

Question 11

gice 2 rewards of entrepreneurship

Answer 11

have their own wages
decide when they go
keep profits